Development of an application for cryptocurrencies

posted by Raj Kumar Reddy March 24, 2022 0 comments

With the growing popularity and spread of cryptocurrency and related transactions, applications created to perform these very transactions have also taken their place in the market. There are more and more of them, and yet there is still no perfect solution that would surpass all the others, which means that cryptocurrency applications are still a promising market. But it is important to consider that these applications have their own characteristics and different types. We will talk about this in our article. 

How to create an application for transactions with cryptocurrency

Mobile applications for cryptocurrencies, regardless of their type, require a high level of security and reliability, and therefore their development is a big responsibility. That is why we recommend contacting not just individual specialists, but large companies with extensive experience, and most importantly, with a whole development team. Indeed, in such highly specialized, but at the same time extensive applications, one person simply cannot take into account all the nuances. Therefore, your task is to find a development company that will take care of your crypto application. 

Also, before creating, you need to decide which platform you want to develop for: whether it will be an application for cryptocurrencies for iOS or Android. Moreover, it is important to decide on many other parameters: the purpose of the application, its target audience, type (native, web application or hybrid), and so on. 

Last but not least, consider the functionality of the application, as well as the requirements for its operation and design. Only with a clear understanding and vision of the future mobile application for cryptocurrencies, you can contact the developers and start the creation process. 

What to look for in a cryptocurrency app

As we have already indicated, applications for buying cryptocurrencies have their own characteristics that distinguish this type of application and complicate the process of its development. If you miss some nuance, you risk wasting all the efforts and resources on the development of the application, and as a result, do not meet the expectations of users or, worse, incur losses due to outdated data or pay fines due to non-compliance with the law. Let's take a look at what you need to pay attention to in order for your application to be as successful as possible.

Real time data

The relevance of data is extremely important for cryptocurrency applications. Firstly, changes in the value of the currency, as well as exchange rates, are updated almost every second, and a delay in updating this information can lead to a rejection of the operation, financial losses and other unpleasant situations that you, as the owner of the application, will have to deal with. Secondly, data on any transactions should also be processed almost instantly so that there are no disputes, for example, when two users almost simultaneously bought the same NFT. 

To avoid such risks, it is necessary to establish a system for exchanging data, as well as processing them so that there are no delays in the process and the information in the application is always in real time. 

Availability in your region

Cryptocurrency is still controversial among many experts, and therefore is not recognized in some countries. To ensure that your application is legal, has an interested audience, and does not have to incur fines and losses due to local legislation, it is important to correctly determine the region for implementing an application for buying and selling cryptocurrencies. To do this, we recommend that you carefully study the relevant laws of all those countries in which you plan to launch your application. If there are certain limitations that can nevertheless be taken into account, you need to adapt your application to them so that it is as convenient and useful as possible for all segments of your target audience. 

When you are sure that the creation of a cryptocurrency application is the task on which your desires and your capabilities converge, it's time to decide on the type of application itself. 

Mobile app type

Cryptocurrency applications also have their own subspecies, which allow you to select a narrower set of functionality to increase the efficiency of the application. In this article, we will look at three types of cryptocurrency mobile apps: a wallet, a statistics aggregation platform, and a cryptocurrency trading app. Each of them has its own goals and features that must be taken into account when developing. Let's take a look at them in more detail. 

Cryptocurrency wallet

A cryptocurrency wallet is somewhat similar to regular electronic wallets such as Google Pay or Apple Pay. This is software that helps maintain access to all cryptocurrency accounts in one place. It stores all the necessary passwords and data, information about the movement of funds on the account, and so on. Such a crypto application provides users with the ability to make any transactions and currency exchange. 

It's important to maintain high security standards because your app stores access to all of your users' state. All passwords must be securely protected, the application must be entered using a fingerprint, face identification or two-factor authentication - the main thing is that the chance of hacking is reduced to zero. And the use of these applications should be as simple and clear as possible, an intuitive interface will provide the best user experience. 

Statistics aggregation platform

Another type of cryptocurrency application is statistics aggregation platforms. This type of application differs in that no currency transactions are performed in it, but information is collected in the form of convenient statistical tables, graphs and charts. At the same time, data is pulled from various exchanges, and it is important for the user not only to know where exactly this or that information is taken from, but also to sort the data, receiving it only from the selected source. The user experience and interface design of such applications is their core. It is very important that users feel comfortable, as well as visually understand everything that will be displayed to them on the screen. The clearer and more pleasant the presentation of statistical data is, the greater the chances for the success of such an application. It is also necessary to provide all the tools for analyzing statistics, 

Cryptocurrency trading app

The last type is cryptocurrency trading apps. Basically, this type is represented by different exchanges (traditional and decentralized), as well as peer-to-peer platforms. The relevance of data for this type of applications is extremely important. It is also important to attract a large number of users so that there is a constant turnover on the exchange and users do not doubt liquidity. This can be a difficult and expensive task, but otherwise you will not be able to make a profit from your product. 

It is also important to provide for the possibility of buying and selling the maximum number of currencies: ethers, bitcoins, litecoins, and so on. The more different variations of their combinations, the greater the choice of users, and hence the higher their satisfaction. Otherwise, you may lose a part of the audience that wants to sell or buy the currency that your application does not support. But at the same time, do not lose sight of the turnover, or the so-called liquidity, because if the user cannot sell or buy cryptocurrency in time, he will leave with a negative experience. At the same time, your application should be as safe as possible and withstand any load. 

As for development, unlike the previous type of applications, where appearance was important, cryptocurrency marketplaces have a rather complicated back-end development, which makes the process of creating such a cryptocurrency application long and expensive. 

The cost of developing an application for cryptocurrency

The cost of developing applications depends primarily on the features of the application itself: 

what type of application you need: native, hybrid or web application; 

what platform do you want to develop for: iOS, Android, Windows or maybe a cross-platform application; 

What type of cryptocurrency application do you want to create: a wallet, a statistics aggregation platform, or a cryptocurrency trading application; 

what functionality will your application contain; 

whether integrations with other tools and resources will be made (for example, a statistics aggregation platform can be integrated with various exchanges to get the most up-to-date data); 

what are the non-functional features of the application (for example, for a cryptocurrency exchange, high performance is important in order for the application to withstand large numbers of users, data and operations).

The cost of development depends on each of the above points. So, for example, developing a statistics aggregation platform can be much less resource-intensive than an application for trading crypto; developing several native applications for each platform will be longer and more expensive than one cross-platform one, although the user experience will be better; etc. Your choice for each of the items depends on your goals and wishes, and, to some extent, on your target audience. 

Other parameters that do not directly depend on your application will also affect the cost: 

  • who develops the application: the composition and experience of the development team directly determine the result and success of the future application, but also affect the cost; 
  • what stages need to be worked out: as you know, development begins with research, and ends with release and technical support, or does not end at all, continuing to improve and update the application, and this also means certain financial costs; 
  • how much you are involved in the process: oddly enough, the participation of the customer in the development process can significantly affect the time and cost, you will either contribute to the smooth and fast flow of things, or you will delay the team and the release of your cryptocurrency application.

To find out the specific price of your cryptocurrency application, please contact us in any way convenient for you, we will clarify with you all the details that affect the cost and guide you as accurately as possible on the price and development time. You can also leave a request on the site and get a free consultation from our manager on all your questions regarding the development in Smart Fintech.

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